Will data be the new business commodity?

29th September 2016

Accounting software is the key to automation in business - and something you should definitely take note of. Technology isn't just making our lives easier and work more efficient, it's forcing an evolution in how we view customers, business and data altogether.

Why is this exactly? There could be two significant contributors to the coming change - if it isn't already upon us - but many people have happily gone along with both for quite some time. The two factors are:

Payment processing is a gargantuan industry - even the smallest fees placed on digital payment processing cause a staggering amount of revenue generation.

Transaction cycles have changed from paper invoices and data entry to just digital - not many people are realising the true value of data, despite embracing the move away from physical paper processes.

Let's take a closer look and explain why each is crucially important to managing future business operations.

Data analytics can help you understand your customers better.

Payment processing and the move to digital

Firstly, moving away from cash, cheques and other forms of non-digital payment are creating two responses in consumers; a decrease in personal contact and communication made when purchasing goods, and a sharp increase in the expectations of production and delivery.

This translates to a direct need for software that can speed up the process. At a guess, how much money do you think a processing company like PayPal recorded for their total payment volume between the start of 2012 and the close of 2015? If you answered US$852.08 billion, then you're incredibly good at guessing.

That's right though, almost $1 trillion was processed in the space of just four years - and all within a single company. Now imagine the combined forces of all major credit companies and digital processing businesses, and you'll see that our payment methods are moving entirely digital at a rapid rate.

Add value to your business with data analytics

Combine online payments with our second factor: the increasing use of data. Business analytics is capitalising on the amount of personal information we share online each day. Where we go, what we buy, when we spend time with our friends, all to formulate a broader question of: "Who is this person?"

Successful businesses are using this combined knowledge to create renewed business models and thinking of new ways to reach out to customers. On the other hand, this means that what your business offered to clients and customers previously may no longer be entirely valid.

The downside of a digital world is that it spawns a compounding need for efficiency. People no longer see the point in physical tasks when they can be digitised, meaning customers want to feel value from your service instead.

Even the smallest fees placed on digital payment processing cause a staggering amount of revenue generation.

A customisable accounting system

This is where automated accounting software can help. Not only does introducing this solution into your business create a platform that your business can launch its new customer engagement model from, it greatly streamlines your daily processes.

If you have to choose a solution for reducing the time and struggle in accounting - to free up your time to better engage with a changing customer base - business management software is the one you need.

We at Advanced Business Manager offer our core accounting software that allows customisation with optional modules that suit the needs of your business. Should you want to choose a preconfigured system, we offer an exhaustive range of industry solution packages, from construction to architectural, project engineering and beyond.

To discover the power of Advanced Business Manager software for yourself, get in touch with our team today to book a free demonstration.